Business News Round Up (03/08/2021)
Top fear Brits have about returning to the office after lockdown
THE pandemic has given Britons a taste of the work-from-home lifestyle, and the results of a new survey conducted by office equipment experts Avansas show that many would love this to be the new normal. Of the 2000 Brits surveyed, Avansas found that 5 in 10 Brits (50%) want the hybrid working system – work from home a few days a week – to be a permanent feature. 54% of women want working from home a few days a week to be a permanent feature versus the 44% of male respondents. According to a YouGov study, 47% of adults think business shouldn’t be encouraging staff to return to the office if they have been able to WFH, with over a quarter of adults (26%) saying they would work from their bed if they could. Positively, almost a quarter of those surveyed feel the office is completely safe to return to and, in contrast, only 18% fear the office is not very safe. Many of the reasons include fears of touching door handles and buttons, having multiple people in the same ‘confined’ space all day and the actual commute into the office. 53% of those surveyed feel the office is somewhat safe.
Economy reopening sees Scottish consumer confidence return to pre-pandemic levels
Scottish consumer confidence has returned to pre-pandemic levels during the second quarter, rising by 7% from the previous quarter, according to Deloitte. Confidence is at its highest level since the third quarter of 2019 and increased by a record 8% year-on-year, albeit from a low base in the second quarter of 2020. Deloitte’s analysis is based on responses from more than 3,000 UK consumers – 313 of which were based in Scotland – between 18 and 21 June 2021, as Scotland postponed its move to the lowest level of Covid-19 restrictions. With Scotland’s vaccination programme enabling the gradual easing of restrictions, sentiment around the state of the economy grew by 22% points, compared to the previous quarter. This confidence is also reflected by UK businesses, with chief financial officer optimism, as measured in the recent Deloitte CFO Survey, near its highest level in 13 years. Crucially for consumers, 76% of CFOs anticipate increased hiring in the year ahead – the highest reading in almost seven years. Consumers in Scotland are increasingly optimistic when it comes to individual measures of consumer confidence. This includes general health and wellbeing, which rose by 16%, and job security, with confidence rising by 6% when compared to the previous quarter, which brings Scotland almost in line with the rest of the UK.
https://www.insider.co.uk/news/economy-reopening-sees-scottish-consumer-24667263
Job creation plans soar to highest in the UK as London business confidence remains strong
More than a quarter (28%) of London businesses expect to increase staff levels over the next year, higher than any other UK region or nation, according to the latest Business Barometer from Lloyds Bank Commercial Banking. Companies in the capital reported lower confidence month-on-month, down by four points during July to 37%, but remains among the highest in the UK. Businesses had less confidence in their own prospects compared to June, down seven points at 29%. When taken alongside their optimism in the economy, up one point to 45%, this gives a headline confidence reading of 37%. The Business Barometer questions 1,200 businesses monthly and provides early signals about UK economic trends both regionally and nationwide. Overall UK business confidence dipped three points to 30% in July but remains well above the year-to-date average of 19%. Businesses in the North East (40%), East Midlands (38%) and North West (38%) were the most optimistic overall.
Loneliness and mistrust in government on increase as wellbeing declines
New ONS figures show an increase in loneliness, plummeting levels of trust in government and a fall in wellbeing in England as experts says GDP insufficient for post-pandemic recovery. A report published today by Carnegie UK has highlighted an increase in loneliness and a worrying decline in trust in government. The charity has called for an urgent rethink on the overemphasis on economic data to measure the post-pandemic recovery. Using data from the ONS Measures of National Wellbeing Dashboard, Carnegie UK – in collaboration with Diffley Partnership – has developed a score for collective wellbeing in England by bringing together a range of data to create a single figure. This can be tracked over time to tell whether wellbeing is going up or down.